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Questions & Answers

Q: What’s happening with PBI
A: permanenttsb Group has recently concluded a strategic review of its businesses, including Permanent Bank International Ltd (“PBI”) which is the only non-Irish based business left in the Group.

Following the Group’s exit from non-core UK & IoM loan businesses in 2016, it has taken a strategic decision to concentrate on its Irish market i.e. Retail and SME sectors. The decision has therefore been taken to close PBI and begin an orderly wind-down of the business which will be completed by end of 2017.

Q: Will Accounts be closed immediately?

A: No. We will start closing customer accounts in the near future and will complete the process by end of 2017.

We will write to customers in the next few weeks with individual deadline dates by which their accounts will be closed.

Q: Are my monies still protected by the IoM Depositors Compensation Scheme?

A: Yes. As PBI continues to operate as a Class1 bank in the interim period PBI remains subject to supervision by the Isle of Man Financial Services Authority and depositors continue to be protected under the Isle of Man Depositors Compensation Scheme.

Q: Will you accept new customers?

A: No. With immediate effect we will no longer accept new customer accounts.

Q: Can I add to my existing accounts?

A: No. With immediate effect we will no longer accept additional deposits to existing accounts.

Q: I have more than one type of account with you – will this affect how my accounts are treated?

A: Dependent upon whether you hold a Notice Account or a Fixed Term Deposit the deadline closure date may differ, but we will communicate directly with you at a later stage.

Q: What happens with my Fixed Term Deposit when it matures?

A: You will need to provide instructions on where to transfer the funds at maturity. In the absence of instructions the maturing funds will be automatically credited to an Instant Access Account with us, in accordance with our normal terms & conditions, pending receipt of your payment instructions.

We will not be able to offer you the facility to renew your term deposit at maturity.

Q: I have already given notice on my [35 Day][90 Day] Notice Account – can I cancel the notice and leave my account in place.

A: No. Once the notice period has expired the funds will be repaid on the due [Notice Expiry] date.

Q: When do I need to take action?

A: Customers do not need to take to any action immediately but, on the basis that accounts will be closed in the near future, we recommend that you:

i) commence the process of opening another account with an alternative banking provider into which funds can be paid in due course, or

ii) arrange transfer to an existing account that you already have elsewhere.

Your financial advisor should be able to assist.

Q: How can I close my account?

A: You can return the Withdrawal Form using the pre-paid envelope already provided. Alternatively we can email a form to you [using a registered email address] or you can download the form at www.permanent-bank.com/Forms/forms.aspx

Q: Can you give me advice regarding, or recommend, an alternative banking provider?

A: Unfortunately we are not permitted to give advice but we suggest you look at the following websites which give further information regarding other bank providers on the Island:

- Isle of Man Bankers Association http://www.iomba.org.im/Members-Directory/list.aspx

- Moneyfacts comparison site http://moneyfacts.co.uk/

- Isle of Man Financial Services Authority http://www.iomfsa.im

Q: Will I have to pay a penalty if I close my account immediately?

A: No: - We have removed any notice requirement on Notice Accounts.

- Fixed Term Deposits can be closed before the scheduled maturity date, with no penalty.

Q: Can I transfer our funds to an account in another name?

A: No. Payments must be made to an account in the same names as the account with PBI.

Q: How and when will you provide updates?

A: We are writing to all customers at the moment and will write to everyone again over the course of the next few weeks providing further updates regarding the wind-down.

Updates will also be posted on our website: http://www.permanent-bank.com/

Q: How can I contact you?

A: By post Permanent Bank International,

Hillary House, Prospect Hill, Douglas, Isle of Man IM1 1EQ

By email [email protected]

As you can appreciate, for security reasons we cannot communicate with you about specific account details by email.

By phone +44 (0) 1624 639200.

Please ensure you have full details of your account when you call as you will be asked security questions to properly identify you over the phone.

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